Lubbock, Texas Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Lubbock, Texas rental market.
Highlights
An apartment for rent in Lubbock, Texas typically goes for $1,136 per month, while a single-family home for rent in Lubbock, Texas has a monthly cost of around $1,425. Renter-occupied units make up 49% of the local housing market, while the rental vacancy rate in Lubbock, Texas is at 8.1.
Lubbock, Texas
Average Apartment Rent
$1,136
Y-o-Y Change in Average
Apartment Rent
0.7%
Average Single-Family Rent
$1,425
As of July 2024
Compared to a year ago, Lubbock, Texas apartments have recorded a 0.7% rent increase.
Lubbock, Texas |Average apartment rent trend
Lubbock, Texas| Average apartment rent
Lubbock, Texas | Apartment rent ranges
At 43.49%, apartments priced $700 - $1000 represent the bulk of Lubbock, Texas rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 7.73%.
Lubbock, Texas | Housing tenure**
Renters take up 49% of Lubbock, Texas real estate, occupying a total of 50,445 units, while homeowners live in 52,449 properties.
Median number of rooms of renter-occupied housing units**
4.2
Renter median household income**
$38,915
Average household size of renter-occupied housing units**
2.23
Rental vacancy rate**
8.1%
Lubbock, Texas | Renter-occupied housing units by no. of bedrooms**
There are 16,638 rentals in Lubbock, Texas with 2 beds making up the highest share of the market, at 33%. Units with No bedrooms, on the other hand, hold the lowest percentage (4%), amounting to 2,002 units. Overall, the median number of rooms in Lubbock, Texas homes for rent is 4.2.
Lubbock, Texas |Renter-occupied units by age of householder**
Most condos for rent in Lubbock, Texas are occupied by residents in the 25 - 34 years age group (28%), followed by those in the 15 - 24 years age group (27%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Lubbock, Texas | Renter-occupied housing units by family type**
Lubbock, Texas | Renter-occupied housing units by the presence of own children**
A total of 20,904 apartments for rent in Lubbock, Texas, or 41% of all rentals are family households. Additionally, 26% of rental homes include children under the age of 18 – that’s 13,218 units. All in all, the median size of a renter-occupied household in Lubbock, Texas is 2.23.
Lubbock, Texas | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 28% of the rental market. In contrast, residents with less than a high school degree reside in 11% of the homes for rent in Lubbock, Texas.
Lubbock, Texas | Renter-occupied units by year structure built**
The highest share of Lubbock, Texas apartment rentals, namely 17% or 8,331 units, were Built 1970 - 1979, followed by those Built 2010 - 2019 (16%, 8,267 units), and the ones Built 2000 - 2009 (14%, 7,224 units).
Lubbock, Texas | Renter-occupied units by year householder moved in**
Median year renter moved into unit2019
Most Lubbock, Texas renters (45%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Lubbock, Texas condos for rent is 2019.
Lubbock, Texas | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 48% of Lubbock, Texas renters have 1 vehicle available per household, 31% of them have 2 vehicles available, and 10% have No vehicle available.
Lubbock, Texas | Means of transportation to work of householders living in renter-occupied housing units**
Lubbock, Texas |Geographical mobility in the past year for householders living in renter-occupied housing units**
Lubbock, Texas | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Lubbock, Texas apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
